Top 3 things to consider when deciding to own or rent in California


Is your employment stable enough for the next 3 years?

Given the current economic state, knowing you have a job that is secure is very important, also prices are not going to rise much, if any over the next few years, so there is unlikely to be any equity gain in a home you purchase now.

If you are going to purchase a home with 10 – 20% or more down, and find you have to sell within a couple of years there should be no problem, however if you are going to use an FHA loan with just 3.5% down, then you may find yourself upside down if you have to sell.

Obviously if you are planning on staying in your home for many years, then current interest rates and prices make it extremely opportune.

Are you single, or already married with children?

A 1-bed condo doesn’t really fit a family, although it is perfect before you meet your significant other, so bear in mind that size really does matter. Can you afford to look at single family homes or larger condos, if so then do so, it will be a much better return on investment down the road.

Is it really cheaper to own than rent?

Depends on your neighborhood but with interest rates down around 4%, and you factor in taxes and mortgage insurance, you are looking at approximately $600 per $100,000 BORROWED. 2-bedroom condos are renting an average of $1500-$1800 around town right now, if not more, and you can easily find a 2-bedroom condo within the metro areas of San Diego priced UNDER $200,000, in fact over 100 are currently available, making your mortgage payment significantly LESS than a rent payment.

For more information about mortgages, contact Scott Schang, Broadview Mortgage Company - http://www.broadviewmortgagecorp.com/EmployeeDetail.aspx?groupid=430&EmployeeID=12444&

Food for thought, let me know if you need more information, I AM HERE, I CANHELP!


Jane Loveday
Licence # 01439083
Pacific Sothebys International Realty
619-519-1615 Cell
http://janeloveday.com/
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